ENTITY (UNCONSOLIDATED) QUARTERLY REPORT 2014 Q4 For the period 1.1.2014 31.12.2014 08-02.2014 Světlá nad Sázavou, Czech Republic Page 1
Table of contents 1 Selected Financial Data for the period of 1 January to 31 December 2014... 3 2 Selected Financial Data for the period of 1 October to 31 December 2014... 3 3 Basic information about BGS Energy Plus a.s.... 4 6 The management board s information about the activities covered by the report... 4 7 Financial Data... 5 7.1 Detailed entity (unconsolidated) accounts for the period of 1 January to 31 December 2014... 5 7.2 Detailed entity (unconsolidated) accounts for the period of 1 October 2014 to 31 December 2014 7 8 Notes to Financial Data... 8 9 Management board declaration... 9 10 Investors Relations Contact... 9 Page 2
1 Selected Financial Data for the period of 1 January to 31 December 2014 Income Statement 1.1.2014 31.12.2014 1.1.2013 31.12.2013 CZK 000 CZK 000 CZK 000 EUR 000 Revenues 2 279 83 4 064 156 Consumption 2 816 102 2 114 110 Operating profit -537-19 1 950 46 EBITDA (Profit + depreciation and Amortization + Interest expenses + Income tax ) 6 462 235 7 853 302 -Of which Depreciation 6 0 7 0 EBIT (Profit + Interest expenses + Income tax ) 6 456 234 7 846 301 Profit/loss before taxation (EBT) 1 606 58 4 608 177 Profit/loss after taxation 1 252 45 3 488 134 Balance sheet Fixed Assets 11 523 416 11 491 419 Current Assets, of which: 142 362 5 134 109 282 3 984 -Short-term receivables 140 190 5 056 98 429 3 588 -Current financial assets 2 172 78 10 853 396 Total Assets 153 970 5 552 121 026 4 412 Equity 64 233 2 316 63 175 2 303 Short-term liabilities 17 536 632 16 828 613 Long-term liabilities including bank loans 72 156 2 602 40 696 1 483 Note: Exchange rates provided by the Czech National Bank 2 Selected Financial Data for the period of 1 October to 31 December 2014 Income Statement 1.10.2014 31.12.2014 1.10.2013 31.12.2013 CZK 000 CZK 000 CZK 000 EUR 000 Revenues 2 251 81 3 995 149 Consumption 688 25 626 23 Operating profit 1 563 56 3 369 126 EBITDA (Profit + depreciation and Amortization + Interest expenses + Income tax ) 3 487 126 4 858 181 - Of which Depreciation 6 0 7 0 EBIT (Profit + Interest expenses + Income tax ) 3 487 126 4 851 180 Profit/loss before taxation (EBT) 1 965 71 3 339 124 Profit/loss after taxation 1 611 58 2 539 94 Balance sheet Fixed Assets 11 523 416 11 491 419 Current Assets, of which: 142 362 5 134 109 282 3 984 -Short-term receivables 140 190 5 056 98 429 3 588 -Current financial assets 2 172 78 10 853 396 Total Assets 153 970 5 552 121 026 4 412 Equity 64 233 2 316 63 175 2 303 Short-term liabilities 17 536 632 16 828 613 Long-term liabilities including bank loans 72 156 2 602 40 696 1 483 Note: Exchange rates provided by the Czech National Bank Page 3
3 Basic information about BGS Energy Plus a.s. Company Name: Company Address: www: Ticker: ISIN: Authorized Advisor: BGS Energy Plus a.s. Zamecka 7, 582 91 Svetla nad Sazavou, Czech Republic www.bgs-energy.cz BGS CZ0005121707 CMS Corporate Management Services Sp. z o.o. BGS Energy Plus a.s. is a holding company for a group of companies involved in electricity and heat production from power plants powered by biogas. BGS is the mother company for the following entities in the group: 100% - Energy produkt plus s.r.o., 100% - Agroprodukt plus a.s., 100% - BGS Biogas a.s., 50% - Druzstvo vlastniku Petrovec, 40% - Mlyn Okor s.r.o. All relevant informations are stated within the consolidated report. 4 Shareholder structure As of 30 September 2012 the Issuer s shareholder structure was as follows: Shareholder No. of shares % of capital No. Of votes at the Shareholders Meeting % of votes at the Shareholders Meeting Ales Radil 3 819 666 25,11451 3 819 666 25,11451 Radim Hruza 3 819 666 25,11451 3 819 666 25,11451 Zdenek Radil 3 819 666 25,11451 3 819 666 25,11451 Ales Radil, Radim Hruza, Zdenek Radil (as a common ownership) 2 0,00001 2 0,00001 Other investors 3 750 000 24,656 3 750 000 24,656 TOTAL 15 209 000 100.00% 100.00% 5 The management board s comments on factors and events that affect the achieved financial results There occured no important events during the third quarter of the year. 6 The management board s information about the activities covered by the report The BGS Energy Plus a.s. entity as mother company has no operating activity. It is working through its daughter companies. Page 4
7 Financial Data 7.1 Detailed entity (unconsolidated) accounts for the period of 1 January to 31 December 2014 Income Statement for the period 1 January 2014 to 31 December 2014 with comparative results 1.1.2014 31.12.2014 1.1.2013 31.12.2013 Production and services revenue 2 279 83 4 064 156 Cost of products, services and materials 1 795 65 1 313 50 Other operating expences 906 33 793 30 Staff costs 101 4 0 0 Gross margin -531-19 1 958 76 Profit/loss from operating activities -537-19 1 950 76 Interest income 7 041 256 6 075 233 Interest expenses 4 850 176 Other financial revenues 400 15 3 238 124 Other financial expenses 448 16 1 703 65 Profit/loss from financial activities 2 143 78 1 882 72 Profit/loss from ordinary activities 1 606 58 2 658 102 Income tax 354 13 4 608 177 Profit/loss after taxation Profit/loss for the period (net income) 1 252 45 1 120 43 EBT 1 606 58 3 488 134 EBIT 6 456 234 4 608 177 EBITDA 6 462 235 7 846 301 Balance Sheet for the period 1 January 2014 to 31 December 2014 with comparative results 1.1.2014 31.12.2014 1.1.2013 31.12.2013 TOTAL ASSETS 153 970 5 552 121 026 4 412 B Fixed assets 11 523 416 11 484 419 B II. Tangible fixed assets --- --- 7 0 B II.3. Machinery, equipment, vehicles, fictures and fittings --- --- 5 0 B II.7. Tangible fixed assets ubder construction --- --- 2 0 B III. Financial assets 11 523 416 11 477 119 B III.1. Investments in subsidiaries 9 459 341 9 459 345 B III.2. Investments in associates 400 14 400 15 B III.7. Advances for investments 1 664 60 1 618 59 C Current assets 142 362 5 134 109 282 3 984 C III. Short-term receivables 140 190 5 056 98 429 3 588 C III.1. Trade receivables 5 695 205 7 183 262 C III 6. Government tax receivables 788 28 27 1 C III 8. Estimated accrued revenues 6 206 224 3 978 145 C III 9. Other receivables 127 501 4 598 87 241 3 180 C IV. Current financial assets 2 172 78 10 853 396 C IV 1. 1. Cash and cash equivalents 69 2 8 710 318 C IV 2. 2. Bank accounts 263 9 304 11 C IV. 3. 3. short-term securities and shares 1 840 66 1 839 67 D I. Prepayments and acc. Income 85 3 260 9 D I. 1. Prepaid expenses 76 3 251 9 D I. 3. Accrued income 9 0 9 0 EQUITY AND LIABILITIES 153 970 5 552 121 026 4 412 Page 5
A Equity 64 233 2 316 63 175 2 303 A I. Registered share capital 15 209 548 15 209 554 A II. Reserved capital 36 750 1 325 36 750 1 340 A II. 1. Share premium 36 750 1 325 36 750 1 340 A III. Reserves, indivisible reserve and other revenue reserves 505 18 287 10 A III. 1. Legal reserves / indivisible fund 505 18 287 10 A IV. Retained earning 10 517 379 7 441 271 A IV. 1. Retained earnings of previous years 14 397 519 11 321 412 A IV. 2. Accumulated losses of previous years -3 880-140 -3 880-141 A V. 1. Profit / loss of current account. period 1 252 45 3 488 127 B LIABILITIES 89 692 3 234 57 524 2 097 B II. Long-term liabilities 2 500 90 2 500 91 B II. 6. Bonds issued 2 500 90 2 500 91 B III. Short-term liabilities 17 536 632 16 828 613 B III. 1. Trade paybles 1 233 44 1 192 43 B. III. 5. Payables to employees 17 1 --- --- B. III.7. Government-tax pay and subs. 3 0 103 4 B III.10 Estimated accrued items 16 1 16 1 B III.11 Other liabilities 16 267 587 15 517 566 B IV. Bank loans and borrowings 69 656 2 512 38 196 1 392 B IV. 2. Short-term bank loans 37 1 --- --- B IV. 3 Short-term borrowings 69 619 2 511 38 196 1 392 C I. Accruals and deferred income 45 2 327 12 C I. 1. Accrued expenses 45 2 327 12 Cash Flow statement for the period 1 January 2014 to 31 December 2014 with comparative results P. Z. 1.1.2014 31.12.2014 1.1.2013 31.12.2013 Cash and cash equivalents at beginning of accounting period 10 853 391 11 909 434 Cash flow from ordinary activites Profit/loss from ordinary activities before taxation 1 606 58 4 608 168 A.1. Adjustments for non-cash transactions -2 292-83 -2 771-101 A.1.1. Depreciation of fixed assets (except of net book value of fixed assets sold, depreciation of adjustment for assets acquisition 6 0 8 0 A.1.2. Change in adjustments, provisions -107-4 58 2 A.1.5. Net interest expense and interest income -2 191-79 -2 837-103 A* A.2. A.2.1. A.2.2. A** Net cash flow from operating activities before tax, changes in working capital and extraordinary items Change in non-financial items of working -686-25 1 837 67 capital -41 053-1 480-43 713-1 594 Increase/decrease in trade and other receivables, including prepayments and accrued income -41 761-1 506-40 077-1 461 Increase/decrease in trade payables, including accruals and deferred income 708 26-3636 -132 Net cash flow from operating activities before taxes and extraordinary items -41 739-1 505-41 876-1 527 A.3. Interest paid, excl. capitalized interests -4 850-175 -3 238-118 A.4. Interest received 7 041 254 6 075 221 A.5. Income tax on ordinary activities paid and additional assessments for past periods -354-13 -1 120-41 A*** Net cash flow from operating activities -39 902-1 439-40 159-1 464 Cash flow from investicion activites B.1. Costs associated with acquisition of fixed assets -45-2 -1 633-60 B*** Net cash flow from investing activities -45-2 -1 633-60 C.1. Net effect of changes in long-term liabilities and short-term liabilities, belonging to the financial activities area, to cash and cash equivalents Cash flow from finantial activites 31 460 1 135 40 696 1 484 Page 6
C.2. Net effect of changes in equity on cash and cash equivalents, share profits or possibly legal reserve including advances paid for this increase -194-7 40 1 C.2.4. Loss covered by partners -194-7 40 1 C*** Net cash from financing activities 31 266 1 128 40 736 1 485 F. Net increase/decrease in cash and cash equivalents -8 681-313 -1 056-38 R. Cash and cash equivalents at end of period 2 172 78 10 853 396 7.2 Detailed entity (unconsolidated) accounts for the period of 1 October 2014 to 31 December 2014 Income Statement for the period 1 October 2014 to 31 December 2014 with comparative results 1.10.2014 31.12.2014 1.10.2013 31.12.2013 Production and services revenue 2 251 81 3 995 149 Cost of products, services and materials 460 17 292 11 Other operating expenses 160 6 326 12 Staff costs 60 2 --- --- Gross margin 1 563 56 3 377 126 Profit/loss from operating activities 1 563 56 3 369 126 Interest income 1 909 69 1 661 62 Interest expenses 1 522 55 1 512 56 Other financial revenues 399 14 1 703 63 Other financial expenses 384 14 1 882 70 Profit/loss from financial activities 402 15-30 -1 Profit/loss from ordinary activities 1 965 71 3 339 124 Income tax 354 13 800 30 Profit/loss after taxation Profit/loss for the period (net income) 1 611 58 2 539 94 EBT 1 965 71 3 339 124 EBIT 3 487 126 4 851 180 EBITDA 3 487 126 4 858 181 Balance Sheet for the period 1 October 2014 to 31 December 2014 with comparative results 1.10.2014 31.12.2014 1.10.2013 31.12.2013 TOTAL ASSETS 153 970 5 552 121 026 4 412 B Fixed assets 11 523 416 11 491 419 B II. Tangible fixed assets --- --- 7 0 B II.3. Machinery, equipment, vehicles, fictures and fittings --- --- 5 0 B II.7. Tangible fixed assets ubder construction --- --- 2 0 B III. Financial assets 11 523 416 11 477 119 B III.1. Investments in subsidiaries 9 459 341 9 459 345 B III.2. Investments in associates 400 14 400 15 B III.7. Advances for investments 1 664 60 1 618 59 C Current assets 142 362 5 134 109 282 3 984 C III. Short-term receivables 140 190 5 056 98 429 3 588 C III.1. Trade receivables 5 695 205 7 183 262 C III 6. Government tax receivables 788 28 27 1 C III 8. Estimated accrued revenues 6 206 224 3 978 145 C III 9. Other receivables 127 501 4 598 87 241 3 180 C IV. Current financial assets 2 172 78 10 853 396 C IV 1. 1. Cash and cash equivalents 69 2 8 710 318 C IV 2. 2. Bank accounts 263 9 304 11 C IV. 3. 3. short-term securities and shares 1 840 66 1 839 67 Page 7
D I. Prepayments and acc. Income 85 3 260 9 D I. 1. Prepaid expenses 76 3 251 9 D I. 3. Accrued income 9 0 9 0 EQUITY AND LIABILITIES 153 970 5 552 121 026 4 412 A Equity 64 233 2 316 63 175 2 303 A I. Registered share capital 15 209 548 15 209 554 A II. Reserved capital 36 750 1 325 36 750 1 340 A II. 1. Share premium 36 750 1 325 36 750 1 340 A III. Reserves, indivisible reserve and other revenue reserves 505 18 287 10 A III. 1. Legal reserves / indivisible fund 505 18 287 10 A IV. Retained earning 10 517 379 8 390 306 A IV. 1. Retained earnings of previous years 14 038 506 12 270 447 A IV. 2. Accumulated losses of previous years -3 880-140 -3 880-141 A V. 1. Profit / loss of current account. period 1 611 58 2 539 93 B LIABILITIES 89 692 3 234 57 524 2 097 B II. Long-term liabilities 2 500 90 2 500 91 B II. 6. Bonds issued 2 500 90 2 500 91 B III. Short-term liabilities 17 536 632 16 828 613 B III. 1. Trade paybles 1 233 44 1 192 43 B. III. 5. Payables to employees 17 1 --- --- B. III.7. Government-tax pay and subs. 3 0 103 4 B III.10 Estimated accrued items 16 1 16 1 B III.11 Other liabilities 16 267 587 15 517 566 B IV. Bank loans and borrowings 69 656 2 512 38 196 1 392 B IV. 2. Short-term bank loans 37 1 --- --- B IV. 3 Short-term borrowings 69 619 2 511 38 196 1 392 C I. Accruals and deferred income 45 2 327 12 C I. 1. Accrued expenses 45 2 327 12 8 Notes to Financial Data The following exchange rates were applied: from to for Balance Sheet statement calculations for Income Statement calculations 01.01.2013 31.12.2013 27,43 26,03 01.10.2013 31.12.2013 27,43 26,85 01.01.2014 31.12.2014 27,73 27,55 01.10.2014 31.12.2014 27,73 27,72 Source: Czech National Bank Balance Sheet applicable exchange rate represents the exchange rate as of the last day of the month ending the relevant period. Income Statement exchange rate represents the average of exchange rates effective on the last day of each month within the relevant period. Approximation. All figures provided within 1 000 CZK and 1 000 EUR approximation respectively. Page 8
9 Management board declaration We hereby confirm that according to our best knowledge the information about BGS Energy Plus a.s contained in this report is correct and as of this report date, fairly represents our group s financial and operational position. Svetla nad Sazavou, 2015 Ales Radil, CEO Radim Hruza, board member Jindra Radilova, board member 10 Investors Relations Contact Jindra Radilova Phone: +420 603 448866 Email: jindra.radilova@bgs-energy.cz Page 9